So where’s the safest place to have your savings?
Banks, S & L’s or Credit unions?
Read this morning even the FDIC may only cover a portion of lost savings under the $250,000 threshold if the bank goes down. (Unless you’re an elite I suppose)
Not in fiat currencies.
"We are advising our clients to put everything they've got into canned food and shotguns" (Gremlins, 1984)
The FDIC has never failed to pay 100% of insured accounts. Never. Not a single FDIC insured bank account has ever gone unpaid. Not one. Always 100% repaid.
What you “heard” is flat out wrong.
The NCUA and the FDIC have NEVER not covered all of the accounts. Their insurance funds are still 100% separate from the Federal government, despite the independent entities (NCUA and FDIC) being full federal employees, as well. The two entities are effectively separated in the same way the Federal Reserve is.
The FDIC as the biggest responsibility if the two, and has always handled it as it was needed to be done, despite far more banks having issues than that of credit unions.
The FDIC has to clean up the messes of the Federal Reserve's and OCC’s disasters, while the NCUA is 100% responsible for it's own messes.
The FDIC is disallowed by law from being the primary regulator of banks over $10 billion in assets.
Things. Real things.
Land, property, gold, silver. Adjust the %'ages as you see fit.
“So where’s the safest place to have your savings?”
FDIC-insured bank accounts under $250,000 per person per bank or money market funds invested in 30-day Treasury notes in custody of big outfits like Schwab ...
The mattress until they announce the revaluation or a new currency.
Was just saying on another thread, the system broke on Sunday night with what the Fed did.
They showed there are no rules, no regulations, etc. attached to the US Monetary System. That means our currency is well... worthless.
“So where’s the safest place to have your savings?”
Keep six months of general operating expenses in CASH in your gun safe. Some call this an ‘Emergency Fund.’ Tally up your monthly expenses, multiply by six. There’s your ‘Magic Number.’
After that, pay off ALL consumer debt - student loans, car loan, credit cards. And SHAME ON YOU if you have ANY of those right now! Did you learn NOTHING from 2008? ;)
THEN, pay off your mortgage.
You want your money in ‘stuff’ not sitting in a bank waiting for Mother Government to steal it.
And if you can switch to a Credit Union for your banking needs, please do so. :)